Urban Logistics, a British industrial and logistics real estate investment trust company, has agreed to buy a portfolio of six parcel distribution depots for 9.9 million pounds ($12.3 million).
The depots, with a mix of freehold and long leasehold properties, are located in Coventry, Newport, Plymouth, Leighton Buzzard, Andover and Perth.
Urban Logistics will acquire the assets from Connect Group plc. The depots will be leased back to a subsidiary of Connect Group, Tuffnells Parcels Express Ltd., for 20 years on a fixed rental uplift.
The company expects to close on or around September 27, 2019, the deal for the freehold properties and by early November for the leasehold properties.